Foreclosure Defense Attorney In Norman, Oklahoma
A foreclosure notice can leave you wondering how much time you have and whether there is still a way to protect your home. While the situation can feel overwhelming, you may still have ways to respond. Depending on where you are in the process, you may be able to challenge the foreclosure, pursue loss mitigation or consider bankruptcy.
At L. Todd Nalagan, you receive a hands-on, personalized approach to serious financial problems. With more than 28 years of legal experience and a lifelong connection to Oklahoma, I work directly with my clients and remain accessible when questions arise. Free consultations are available, and I am prepared to fight for your interests.
Understanding Oklahoma’s Foreclosure Process
If your lender pursues a judicial foreclosure, the process may include:
- Mortgage default: You fall behind on payments or otherwise fail to meet your loan terms.
- Foreclosure lawsuit: The lender files an action in court.
- Court judgment: The court may order the sale of your property.
- Foreclosure sale: The court-ordered process leads to the sale of your property.
- Sale confirmation: The court considers whether to confirm the sale.
The timeline can vary. In some circumstances, you may also have redemption rights before the court confirms the sale.
Options That May Stop Or Delay Foreclosure
You may have opportunities to work with your lender before foreclosure moves forward. Loss mitigation includes options that may help you avoid or reduce the impact of foreclosure.
A loan modification is one form of loss mitigation that may change your mortgage terms and make payments more manageable. Other options may also be available based on your financial circumstances and lender requirements.
I can review your mortgage default and discuss strategies that may fit your circumstances.
Foreclosure And Bankruptcy: Chapter 7 Or Chapter 13?
Bankruptcy may play a role in addressing foreclosure, but Chapter 7 and Chapter 13 work differently.
A Chapter 7 bankruptcy may help address unsecured debts, including credit card or medical debt. A Chapter 13 bankruptcy may allow eligible individuals to use a repayment plan to address overdue mortgage payments while keeping up with ongoing obligations.
Your income, debts, property and financial goals can affect which approach makes sense. If you are considering bankruptcy, I can explain how it may fit into your overall plan.
Other Foreclosure Defense Strategies To Consider
Other approaches may include:
- Challenging improper foreclosure procedures: Reviewing whether the lender followed the required process.
- Short sale: You sell your home for less than the outstanding loan balance with your lender’s consent.
- Deed in lieu of foreclosure: Voluntarily turning over your property to the lender as an alternative to foreclosure.
These strategies can have different financial consequences. In some situations, a lender may seek a deficiency judgment after a foreclosure sale.
Discuss Your Options With A Norman Foreclosure Defense Attorney
Foreclosure can affect both your home and your financial future. Speaking with a bankruptcy lawyer can help you evaluate your circumstances before the process moves further.
Contact L. Todd Nalagan for a free consultation. Call 405-253-4904 or contact me online to get started.